EVERETT — Everett Maritime, the company hired to build a $400 million development on the waterfront, filed for bankruptcy reorganization today, saying it owes millions it can’t pay.
The company, a subsidiary of Maritime Trust of Chicago, filed for Chapter 11 in U.S. Bankruptcy Court in the Northern District of Illinois, saying it has fewer than 49 creditors and owes between $10 million and $50 million. A list of debts it owes to its top 20 unsecured creditors totals about $6.9 million.
Maritime is in partnership in the project with the Port of Everett, which owns the land and was paying for utilities, a new marina for large boats and development of a district for marine-related businesses.
“I’m sad the whole thing seems to have fallen apart,” said Phil Bannan, port commission chairman. “These guys were good guys and they worked with us pretty well.”
Efforts to reach Maritime’s Bert Meers for comment were unsuccessful.
Maritime had owed the port slightly more than $1 million at the end of April for income the port didn’t receive from tenants because it had set the property aside for the project.
Port director John Mohr had sent the company a letter warning the payment was past due.
“I assumed they didn’t have the resources to cure it (the deficiency),” Mohr said.
Meers had earlier asked the port to defer the payment, noting that the recession was making it impossible for the company to secure financing for the project.
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